The renegotiations and defaults by mills in India, the world’s second biggest sugar exporter, could support global prices. They are threatening to default unless buyers are ready to renegotiate at higher prices,” said a Mumbai-based dealer with a global trade house. Trade houses sold sugar to overseas buyers after signing purchase agreements with the mills, said a New-Delhi based dealer with a global trade house. The defaults by mills in Maharashtra are forcing trade houses to make purchases from mills in the northern state of Uttar Pradesh, dealers said. Indian mills have so far signed contracts to export four million tonnes of sugar during November to February, they said.
